XRP, the popular cryptocurrency, is anticipated to experience a significant surge and exceed the $1 price mark by the end of 2024 or early 2025. This month, it is expected to reach $0.74 due to the renewed interest in the altcoin market.
However, XRP’s price movement has been disappointing as it struggles to break through and maintain critical resistance levels after a significant drop from its 2023 high. Despite the expectation that Ripple Labs’ regulatory clarification would push the asset towards its all-time high price of $3.4, our data shows that XRP has actually declined by 5% in the last 30 days, resulting in a Year-To-Date fall of 6.4%.
Currently, XRP is in a consolidation phase after breaking a key support level and slipping to $0.58. Despite this stagnation and the ongoing legal battle with the US Securities and Exchange Commission (SEC), XRP holders are hopeful for a comeback triggered by the upcoming Bitcoin halving event.
Renowned analyst Michaël van de Poppe believes that there is a strong interest in purchasing altcoins, as Bitcoin’s dominance is expected to decrease significantly after the halving. In fact, Bitcoin Cash has already started rallying past its 2021 high, indicating a positive trend for altcoins and potentially leading XRP towards bullish territory.
However, some members of the crypto community doubt XRP’s ability to experience a bullish reversal, as it failed to make a significant impact in the previous Bitcoin halving. The market is currently in a consolidation phase, where the asset is trading between two levels and showing indecisiveness. This phase is typically followed by a notable price spike in either direction, and if historical patterns are any indication, XRP could break out after the Bitcoin halving.
According to CoinCodex, XRP could experience a significant surge around the halving period and reach $0.748838, representing a 22% increase from its current level. Analysts also believe that by the end of 2024 and early 2025, XRP could surpass the $1 mark.
In line with this prediction, Changelly also forecasts that XRP will reach $0.71 in April. Other crypto experts expect an average XRP rate of $0.714 in April 2024, with minimum and maximum prices estimated at $0.609 and $0.818, respectively.
Overall, the future looks promising for XRP, with the potential for significant price increases in the coming years.